Eastern Platinum Reports Results for the Three Months Ended March 31, 2012

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2012) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS), reports financial results for the three months ended March 31, 2012.

Summary of results for the three months ended March 31, 2012 ("Q1 2012"):

• Eastplats recorded a loss attributable to equity shareholders of the Company of $8,908,000 ($0.01 loss per share) in the quarter ended March 31, 2012 ("Q1 2012") compared to a loss of $5,633,000 ($0.01 loss per share) in the quarter ended March 31, 2011 ("Q1 2011").
  
  
• EBITDA decreased to negative $2,414,000 in Q1 2012 compared to $6,412,000 in Q1 2011.
  
  
• PGM ounces sold decreased 4% to 24,474 ounces in Q1 2012 compared to 25,387 PGM ounces in Q1 2011.
  
  
• The U.S. dollar average delivered price per PGM ounce decreased 15% to $969 in Q1 2012 compared to $1,136 in Q1 2011.
  
  
• The Rand average delivered price per PGM ounce decreased 6% to R7,510 in Q1 2012 compared to R7,963 in Q1 2011.
  
  
• Total Rand operating cash costs increased 1% to R208 million in Q1 2012 compared to R205 million in Q1 2011.
  
  
• Rand operating cash costs net of by-product credits increased 24% to R7,670 per ounce in Q1 2012 compared to R6,167 per ounce in Q1 2011. Rand operating cash costs increased 5% to R8,486 per ounce in Q1 2012 compared to R8,090 per ounce in Q1 2011.
  
  
• U.S. dollar operating cash costs net of by-product credits increased 13% to $990 per ounce in Q1 2012 compared to $880 per ounce achieved in Q1 2011. U.S. dollar operating cash costs decreased 5% to $1,095 per ounce in Q1 2012 compared to $1,154 per ounce in Q1 2011.
  
  
• Head grade increased to 4.07 grams per tonne in Q1 2012 from 3.93 grams per tonne in Q1 2011.
  
  
• Average concentrator recovery decreased to 77% in Q1 2012 compared to 79% in Q1 2011.
  
  
• Development meters decreased by 26% to 3,117 meters and on-reef development decreased by 30% to 1,704 meters compared to Q1 2011.
  
  
• Stoping units decreased 11% to 39,857 square meters in Q1 2012 compared to 44,674 square meters in Q1 2011.
  
  
• Run-of-mine ore hoisted remained consistent at 247,538 tonnes in Q1 2012 compared to 247,369 tonnes in Q1 2011.
  
  
• Run-of-mine ore processed decreased by 4% to 235,354 tonnes in Q1 2012 compared to 245,500 tonnes in Q1 2011.
  
  
• The Company's Lost Time Injury Frequency Rate (LTIFR) was 5.46 in Q1 2012 compared to 1.54 in Q1 2011.
  
  
• At March 31, 2012, the Company had a cash position (including cash, cash equivalents and short term investments) of $213,492,000 (December 31, 2011 - $250,801,000).
  

The qualified person having reviewed the operating disclosures presented in this press release is Mr. Brian Montpellier, P. Eng, V.P. Project Development.

Financial Information

For complete details of financial results, please refer to the audited condensed consolidated financial statements and accompanying Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2012. These financial statements and MD&A, and the comparative financial statements for the three months ended March 31, 2011 are all available on SEDAR at www.sedar.com and on the Company's website www.eastplats.com.

Teleconference call details

Eastplats will host a telephone conference call on Monday, May 14, 2012 at 10:00 am Pacific (1:00 pm Eastern) to discuss these results. The conference call may be accessed by dialing 1-800-319-4610 in Canada and the United States, or 1-604-638-5340 internationally.

The conference call will be archived for later playback until Monday, May 21, 2012 and can be accessed by dialing 1-604-638-9010 or 1-800-319-6413 and using the pass code 4219 followed by the number sign (#).

Total shares issued and outstanding - 928,187,807

Cautionary Statement on Forward-Looking Information

This press release, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, fluctuations in the currency markets such as Canadian dollar, South African Rand and U.S. dollar, fluctuations in the prices of PGM and other commodities, changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, the United States, South Africa, or Barbados or other countries in which the Company carries or may carry on business in the future, risks associated with mining or development activities, the speculative nature of exploration and development, including the risk of obtaining necessary licenses and permits, and quantities or grades of reserves. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements. Specific reference is made to the Company's most recent Annual Information Form on file with Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.